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  • Saudi, Kuwait, UAE lead Q1 GCC corporate earnings growth
     

    Earnings of Saudi Arabian companies totalled $6.7 billion, an increase of 15 per cent YoY and 28 per cent QoQ. SABIC, which reported $1.9 billion in Q1 profits, saw its bottom-line decline by five per cent YoY due to softening of global petrochemical prices when compared to Q1 2011. Saudi Banks continued its stable growth […]

     
  • Islamic funds seek socially responsible roadmap
     

    The Islamic investment sector can widen its customer base by adopting a socially responsible model, according to industry experts, but distribution channels, a sophisticated investor base and incentive schemes need to be enhanced first. The links between Islamic finance and socially responsible investments (SRI) are not new, but the former needs a similar transformation which […]

     
  • At the SACM Career Fair in Washington, Saudi Arabia’s Brightest Are Met With Opportunities (PHOTOS)
     

    Across the United States, around the end of the month of May every year, graduating students from high schools and universities join with families and friends to celebrate their achievements in

     
  • Saudi Satire Ignites YouTube’s Massive Growth in Middle East
     

    Fahad Albutairi never expected a career in broadcast or comedy, and he certainly didn’t expect to emerge as a YouTube star known to millions. Albutairi is the co-founder and star of the La Yekthar Show, a small cadre of YouTube shows shot in Saudi Arabia that have become wildly popular in the last year. His […]

     
  • Saudi female entrepreneurs exploit changing attitudes
     

    In Saudi Arabia, a small but determined number of women are overcoming obstacles to build their own thriving businesses. Social constraints in the conservative Kingdom have not stopped women from amassing substantial individual wealth. An estimated $11.9 billion is held by women primarily in bonds and bank accounts, according to asset managers Al Masah Capital. […]

     
  • Saudi Arabian Airlines Officially Becomes ‘Saudia’, Embraces Privatization
     

    Saudi Arabian Airlines has today been formally renamed Saudia and has become a full member of the SkyTeam alliance while at the same time confirming the first stage of the long-awaited privatisation will go ahead in the next month.

     
  • Saudi construction sector ‘most buoyant globally’
     

    Massive construction projects in the GCC, particularly around social and transport infrastructure, will offer tremendous opportunities valued at up to $500 billion for contractors, Deloitte Middle East’s annual report “GCC Powers of Construction: Five Lessons to Learn From” released Wednesday said. The Deloitte report showed that there is imminent growth in the Saudi Arabian construction […]

     
  • IMAX ARABIA 3D Now Available for Mass Consumption on Netflix Streaming
     

    IMAX ARABIA 3D, the film directed by Hamzah Jamjoom, is now available to watch at any time on Netflix’s instant streaming option for the first time.

     
  • Saudi Budget Needs Less Than $80/Bbl To Be Balanced
     

    Top oil exporter Saudi Arabia would still be able to balance its budget even if oil prices fall to less than $80 per barrel, Al Arabiya television reported Tuesday, citing the kingdom’s finance minister, Ibrahim Al-Assaf. “As you know the oil revenues are affected by two factors; price and production…the price that leads to a […]

     
  • The Gulf Military Balance in 2012
     

    The Burke Chair at CSIS is issuing a new report called the Gulf Military Balance in 2012. The report shows that the Gulf military balance is dominated by five major groups of military forces: the Southern Gulf states, Iran, Iraq, outside powers like the US, and non-state actors like the various elements of Al Qa’ida, the […]

     

MUST-READS

  • Raisi credited for restoring Iran-UAE ties as focus turns to Saudi Arabia

    After six years, the United Arab Emirates has moved to reinstate its ambassador to Iran. In reaction, Iranian media outlets sympathetic to conservative President Ebrahim Raisi have praised his foreign policy. The return of the Emirati envoy comes on the heels of Kuwait’s appointment of an ambassador to Iran for the first time since 2016—and as the Islamic Republic is working on mending ties with Saudi Arabia.

  • Yemeni southern separatists launch military campaign in Abyan

    Yemen's main southern separatist group said it had launched a military operation in Abyan province "to cleanse it of terrorist organisations", a move that would strengthen the UAE-backed faction's control in the south. Yemen has been split by a seven-year-old war pitting a fractious coalition led by Saudi Arabia against the Iran-aligned Houthi group. The Houthis largely hold the north and the internationally recognised government is based in the south.

  • Saudi Arabia’s FinTech start-up Tamara raises $100m to fund expansion plans

    Saudi Arabia's buy now, pay later platform Tamara raised $100 million in its second funding round to back its expansion plans and is also considering an initial public offering in the future, its chief executive has said. Tamara's Series B funding round was led by Sanabil Investments, which is backed by the kingdom's sovereign wealth fund, the Public Investment Fund, the start-up said in a statement on Monday.

  • Egypt empties Cairo’s notorious Scorpion prison of detainees

    Attar said the move comes amid reports that authorities are seeking to demolish the prison complex, along with others within the Tora prison complex, to use the land for future investment projects. He added that Egypt took the decision earlier this year to empty some of its prisons and transfer the inmates to newly constructed prisons such Badr and Wadi Natrun.

  • Saudi ‘Happiness Makers’ to bring joy to entertainment sector

    The “Happiness Makers” initiative is part of Vision 2030’s Quality of Life program, which was launched in 2018. The training was held in cooperation with several local universities and companies in the entertainment sector. The ceremony was attended by Faisal Bafarat, CEO of the GEA, and Khaled Al-Bakr, CEO of the Center for Quality of Life program.

  • Gulf buy now, pay later firm Tamara says it raised $100 million

    Gulf buy now, pay later (BNPL) firm Tamara said on Monday it raised $100 million in a second round of fundraising from investors including Sanabil Investments, which is owned by Saudi Arabia's sovereign wealth fund PIF. The series 'B' funding would support the Saudi-based startup to expand into new markets, and introduce new services and products. It did not specify which markets. "We believe the region has a different situation today than globally. The region is thriving with high oil prices," Chief Executive Abdulmajeed Alsukhan told Reuters.

  • Pride of Ukraine: Usyk beats Joshua, keeps heavyweight belts

    Oleksandr Usyk kissed the blue-and-yellow flag of Ukraine and looked to the Saudi Arabian sky as he waited to discover if he had honored his war-torn country by retaining his world heavyweight titles. When he heard the winning words “and still,” an emotional Usyk raised his left arm and pulled the flag over his face. Six months ago, he was patrolling the streets of Kyiv with an automatic rifle and defending Ukraine from the invading Russians.

  • A backlash against immigrants as Turkey’s economy suffers

    A surge in anti-immigrant sentiment over the past year in Turkey has brought deadly assaults on refugees and mob attacks on immigrant neighborhoods — a perilous turn for Turkey, which once took pride in extending a welcome to Syrians, and hosts at least 4 million refugees and asylum seekers, more than any country in the world.

  • Why a man behind a Beirut bank holdup became the face of Lebanon’s painful financial collapse

    Political and bureaucratic mismanagement and inaction are seen as contributing factors in the runaway inflation. Faour says reasonable reforms proposed by the International Monetary Fund have inevitably been sabotaged by politically connected bankers and politicians.

  • EU awaits US response on Iran deal

    The State Department said only, as it had all week, that it was continuing to review Iran’s comments, which were sent to the European Union late Monday. “Our review of Iran’s comments on the EU’s proposal continues,” State Department spokesman Ned Price told journalists at the Department briefing Thursday.  “We have continued to convey our feedback directly and privately to the EU, as has been requested.”